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Ownership, wealth, and risk taking : evidence on private equity fund managers

Bienz, Carsten; Thorburn, Karin S.; Walz, Uwe - 2020

We examine the incentive effects of private equity (PE) professionals' ownership in the funds they manage. In a simple model, we show that managers select less risky firms and use more debt financing the higher their ownership. We test these predictions for a sample of PE funds in Norway, where...

Persistent link: https://www.econbiz.de/10012303223

How Managerial Ownership and the Market for Corporate Control Can Improve Investment Timing

Guthrie, Graeme A. - 2020

empire-building CEOs. The prospect of a future takeover means that CEOs with no ownership stake will over-invest in some …'s position in a hostile takeover induce raiders to launch friendly takeovers sooner. The increased takeover threat induces CEOs … takeover gains are high. Optimal ownership-generated incentives and the market for corporate control add more value after …

Persistent link: https://www.econbiz.de/10012835406

Insider trading and fraudulent share repurchase

Wang, Du; Li, Xiang; Tang, Hui; Sun, Yicheng - In: Credit and capital markets : Kredit und Kapital 55 (2022) 2, pp. 227-260

Share repurchase conveys information to investors and influences stock price in capital market. Normally when a company announces share buyback, the company's stock price will rise immediately. Thus, some insiders may take advantage of this pattern and create a fake repurchase event. When the...

Persistent link: https://www.econbiz.de/10014518581

Ownership Structure and Mergers and Acquisitions Decisions : Do Family Firms Acquire Differently?

Eugster, Nicolas - 2017

This study investigates the relationship between ownership structure and mergers and acquisitions (M&A) decisions for a comprehensive sample of 195 companies listed on the Swiss Exchange for the period 2003-2013. It examines: whether different ownership structures influence the probability of...

Persistent link: https://www.econbiz.de/10012971170

CEO Duality and Corporate Stewardship : Evidence from Takeovers

Ghazal, Victor - 2015

in the interest of their shareholders by bargaining 16.1% more aggressively in takeover negotiations than do single role …

Persistent link: https://www.econbiz.de/10013021327

Agency Problems in Public Firms : Evidence from Corporate Jets in Leveraged Buyouts

Edgerton, Jesse - 2011

This paper uses novel data to examine the fleets of corporate jets operated by both publicly traded and privately held firms. In the cross-section, firms owned by private equity funds average 40% smaller fleets than observably similar public firms. Similar fleet reductions are observed within...

Persistent link: https://www.econbiz.de/10013133808

Partial cross ownership and collusion

Haas, Samuel de; Paha, Johannes - 2016

This article finds that non-controlling minority shareholdings among competitors lower the sustainability of collusion. This is the case under an even greater variety of situations than was indicated by earlier literature. The collusion destabilizing effect of minority shareholdings is mainly...

Persistent link: https://www.econbiz.de/10011524013

Corporate governance

Lehmann, Erik - 2018 - Version , November 19th 2018

Corporate governance is a recent concept that encompasses the costs caused by managerial misbehavior. Corporate governance is concerned with how organizations in general, and corporations in particular, produce value and how that value is distributed among the members of the corporation, its...

Persistent link: https://www.econbiz.de/10011928257

Private equity in family firms : drivers of the willingness to cede control

Henn, Marisa; Lutz, Eva - In: Journal of entrepreneurial finance : JEF ; official … 18 (2016) 2, pp. 1-46

Our aim is to empirically examine how reasons for using private equity (PE) and prior experience with PE affect the willingness of privately held firms to cede company control. Based on a questionnaire entailing 75 privately held firms backed by PE, we show that family firms cede less control...

Persistent link: https://www.econbiz.de/10011992209

Managerial Ownership and Operational Improvements in Buyouts

Cassel, Johan - 2021

I examine the relationship between managerial ownership and operational performance for firms acquired in a buyout. I show that high post-buyout CEO ownership stakes are associated with improved firm profitability. This result is economically stronger for changes in ownership stakes, and is...

Persistent link: https://www.econbiz.de/10013210933